Comcast Extends NBCU Chief Steve Burke’s Contract To 2018

Steve Burke‘s previous deal, made in late 2009, was due to expire at the end of 2014. Now it will run through August 2018, with an 18% increase in his base salary to $2.6M while his annual cash bonus opportunity stays at 300% of his base salary, the company says in an SEC filing. Burke also secured a $5M performance-based bonus described as an “inducement” for him to stay and “on account of Mr. Burke’s outstanding work in integrating NBCUniversal and its businesses into Comcast, and making extraordinary progress in improving its businesses and results.” But the bonus is contingent on him remaining at the company for 13 months — and if Comcast’s operating cash flow for the year ending in June 2014 is at least 101% what it was the previous year. Last year Burke’s compensation package came to $26.3M including $2.2M salary, $4.3M in stock awards, $4.7M in option awards, $7.2M in non-equity incentives, $5.3M increased value of pension value, and $2.6M in other compensation.